Key Takeaways
- • Owl Rock Capital Group and Dyal Capital Partners (owned by Neuberger Berman) have agreed to merge in a $12 billion strategic transaction, combining via special purpose acquisition company Altimar Acquisition Corporation to create Blue Owl Capital.
- • The combined entity will manage more than $45 billion in assets under management, positioning it as a significant player in the alternative asset management space with a diversified business model spanning direct lending and alternative investments.
- • The transaction structure involves a SPAC merger, with Altimar serving as the blank-check vehicle to take the combined business public, enabling both firms to access capital markets while maintaining operational independence.
- • The deal represents a consolidation trend among alternative asset managers seeking scale, distribution capabilities, and enhanced capital access in a competitive institutional investment landscape.
Summary
Owl Rock Capital Group and Dyal Capital Partners have signed a definitive agreement to combine in a strategic merger, creating Blue Owl Capital with over $45 billion in assets under management. The transaction, announced December 23, 2020, values the combined entity at approximately $12 billion and will proceed through a merger with Altimar Acquisition Corporation, a special purpose acquisition company, to facilitate a public listing.
Dyal Capital Partners, the alternative investment platform of Neuberger Berman, brings institutional-grade investment capabilities and a diversified portfolio of alternative managers. Owl Rock Capital Group contributes significant direct lending expertise and scale in the credit investing space. The combination creates a comprehensive platform spanning multiple alternative asset classes, enhancing both firms' ability to serve institutional investors including pension funds, family offices, and other qualified investors.
The SPAC structure via Altimar allows both firms to achieve public market access while preserving operational autonomy and maintaining their respective investment strategies. This merger vehicle approach has become increasingly common among alternative asset managers seeking to consolidate operations and raise growth capital without traditional IPO processes. The deal's completion would mark a significant consolidation event in the alternative asset management sector, reflecting broader industry dynamics around scale, distribution, and institutional demand for diversified alternative investment exposure.
Dyal Capital Partners, the alternative investment platform of Neuberger Berman, brings institutional-grade investment capabilities and a diversified portfolio of alternative managers. Owl Rock Capital Group contributes significant direct lending expertise and scale in the credit investing space. The combination creates a comprehensive platform spanning multiple alternative asset classes, enhancing both firms' ability to serve institutional investors including pension funds, family offices, and other qualified investors.
The SPAC structure via Altimar allows both firms to achieve public market access while preserving operational autonomy and maintaining their respective investment strategies. This merger vehicle approach has become increasingly common among alternative asset managers seeking to consolidate operations and raise growth capital without traditional IPO processes. The deal's completion would mark a significant consolidation event in the alternative asset management sector, reflecting broader industry dynamics around scale, distribution, and institutional demand for diversified alternative investment exposure.
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